A poor CIBIL score can build financial difficulties and make access to credit cards or loans more difficult. The best option is that person can make their credit score best with Equifax, Experian and CRIF High Mark these are four RBI licensed credit offices in India. Credit score improvement services are also known as credit offices a build the credit report of the person applying for a loan or want to. The credit offices collect the data for the purpose of analyzing information on an individual’s credit background and creditworthiness. A total of 4 credit offices are currently located in India. The Reserve Bank of India provides licences to all credit offices in the country (RBI).
FOUR-CREDIT OFFICES IN INDIA:
TransUnion CIBIL.
Equifax.
Experian.
CRIF Highmark.
COMPARISON BETWEEN FOUR CREDIT COMPANIES IN INDIA
| Parameter | CIBIL | Equifax | Experian | CRIF Highmark |
| Established | 2000. | License granted in 2010. | 2006, license granted in 2010. | Received licence in 2010. |
| Cost of the Report | Rs.550 for Credit Report + Score. | Rs.400 (excluding GST) for Credit Report + Score. | Rs.399 for Credit Report + Credit Score) | Rs.399 (including GST) Credit Report + Credit Score. |
| Scoring System | All credit bureaus in India provides a credit score between 300-900, 900 being the highest. A credit score of 700 and above is considered as good. | All credit bureaus in India provides a credit score between 300-900, 900 being the highest. A credit score of 700 and above is considered as good. | All credit bureaus in India provides credit score between 300-900, 900 being the highest. A credit score of 700 and above is considered as good.. | All credit bureaus in India provides a credit score between 300-900, 900 being the highest. A credit score of 700 and above is considered as good. |
| Products and Services | For Consumers:
1.CIBIL TransUnion Score. 2.Credit Information report. 3.Market Insights, etc. Companies: 1.Portfolio Review reports 2.CIBIL Company credit information report. 3.CIBIL Bureau Analyser, etc. Additional solutions: 1.Portfolio Management 2.Fraud prevention 3.Customer acquisition 4.Customs solution, etc. |
For Consumers:
1.Credit information report 2.Equifax alerts 3.Equifax portfolio review 4.Equifax risk score For companies 1.Credit risk and fraud management 2.Portfolio management 3.Industry diagnostics, etc. |
For Consumers:
1.Experian Credit Information report For companies 1.Customer acquisition 2.Collection and money recovery 3.Customer management 4.Data and Analytics 5.Customer targeting and engagement |
For Consumers:
1.CRIF High Mark Credit Information report. 2.Microfinance credit reports. For Companies: 1.Commercial Score. 2.Identification and Anti-Fraud services. 3.Predictive Analytics & Scorecards 4.Additional solutions: 5.Business Rules and Decision. Management. 1.Collections Management 2.Loan Origination. 3.External Data Connector. 4.Deduplication Platform. |
| Time taken to receive credit report | The online credit report is delivered instantly after making the payment. | The online credit report is delivered instantly after making the payment. | The online credit report is delivered instantly after making the payment. | The online credit report is delivered instantly after making the payment. |
SIMILARITIES BETWEEN THE CREDIT BUREAUS
The Reserve Bank of India provides licenses to all four credit agencies in the country (RBI). Those who provide personal credit records, like banks and non-banking financing companies (NBFCs), send them to all credit agencies. Every credit office has its own work process and rules to measure the credit result and reports. The credit score process varies in various offices, the five main components considered in the calculation of the credit score remain the same.
The credit offices observe factors like history of repayment, a form of credit, credit age, exposures to credit and credit inquiries during credit score calculation. Credit scores of 2 credit agencies can be different but are considered. There must be a small difference in credit ratings between the two different offices. Banks and NBFC usually consider a gap of about 50-60 points in the loan score.
